The People’s Bank of China skipped its seven-day reverse repo operation this morning, the first time it has done so since June. That’s a small, technical detail easy to miss inside a morning otherwise dominated by oil’s own fourth consecutive session of gains and a Reserve Bank of Australia rate hold. It shouldn’t be missed, because a central bank stepping back from a routine, near-daily liquidity operation is a genuine signal about how it’s reading current conditions, and it’s worth understanding exactly what that signal is and isn’t saying. [....]